Commentary & Deal Flow

South West Water Finance Plc, guaranteed by South West Water Limited, (ticker: "PNNLN", country: GB) expected to be rated Baa1/A- by Moody's/Fitch, has mandated BNP Paribas, CIBC Capital Markets, NatWest and SMBC (B&D) as Active Bookrunners.

A dual-tranche Reg S, Bearer, NGN, Senior, Unsecured offering will be launched in the near future, subject to market conditions, comprising:

• Tranche 1: A 9yr expected GBP Green Benchmark offering.
• Tranche 2: A potential 12-15yr Inflation Linked offering.

BNP Paribas is coordinating the Inflation-Linked Bond.

• Docs: The notes will be issued under the Issuer's £2,500,000,000 EMTN Programme, including the Base Prospectus dated 21-Aug-25, as supplemented on 01-Dec-25 and on 18-Jun-26.
• Use of Proceeds: The Issuer intends to use net proceeds from the issuance to finance or refinance, in whole or in part, new or existing eligible projects as set out in the Group’s Sustainable Financing Framework.
• Target Market: Professional Clients and Eligible Counterparties (EU MiFID and UK MiFIR Product Governance) – all distribution channels. No EEA PRIIPs KID or UK CCI disclosure document required as not available to EU or UK retail investors.
• Stabilisation: FCA/ICMA apply.